Outsourcing
Outsourcing is a business practice in which a company hires a third party to perform tasks, handle operations or provide services for the company.
The outside company, which is known as the service provider or a Third party providers, arranges for its own workers or computer systems to perform the tasks or services either onsite at the hiring company’s own facilities or at external locations.
A practice that companies undertake as a cost-cutting measure is outsourcing. It’s a business practice that a company hires an outside party to perform some services or produce goods performed in-house by its employees and staff. Here, the job functions and services are conducted by a third party.
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On shoring
Relocating work or services to lower-cost location in the company’s own country.
Off shoring
Relocating work or services to third-party providers overseas.
Near shoring
Relocating work or services to people in nearby, often bordering regions and countries
